9911796707
TMI Blog2014 (11) TMI 1171X X X X Extracts X X X X X X X X Extracts X X X X ..... absence of any other comparable case supporting the estimate of net profit rate of 5%, is squarely applicable and has rightly been applied by the learned CIT(A). - Decided against revenue X X X X Extracts X X X X X X X X Extracts X X X X ..... it at higher rate cannot be ruled out. 4. The learned counsel for the assessee, on the other hand, has placed reliance on the impugned order. It is submitted that the assessee was having 23 retail outlet shops in and around Bathinda, for which, licence was issued by the Excise and Taxation Department for the year under consideration; that complete books of account, i.e., cash book, ledger, purchase/sales vouchers, and audit report along with audited accounts were furnished before the A.O.; that the assessee was maintaining stock register as prescribed by the Excise and Taxation Department; that, however, this register could not be produced before the A.O., as the same had to be deposited with the Excise and Taxation Department, for issuanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration the facts that the assessee had produced its books of account, i.e., cash book, ledger, purchase/sales vouchers relating to its business of liquor before the A.O.; and that the audit report along with audited accounts, as well as complete copies of account of the sellers, including their complete names and addresses had also been furnished by the assessee before the A.O. The learned CIT(A) observed that the A.O., however, did not make any effort to confirm the copies of account of the sellers, and no independent inquiry was made, nor any defect was pointed out in the books of account of the assessee by the A.O. The learned CIT(A) agreed with the A.O. that no bank account had been maintained by the assessee and so, its books of accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iously, these were also available before the A.O. Thus, even if the books of account were rejected and an estimate was made, this estimate, as arrived at by the learned CIT(A) on the basis of 'M/s Bathinda Wine Traders' (supra), in the absence of any other comparable case supporting the estimate of net profit rate of 5%, is squarely applicable and has rightly been applied by the learned CIT(A). 9. Another objection of the department is that the case relates to a small town, where monopoly exists and profit at a higher rate cannot be ruled out, whereas these were not the facts of 'M/s Bathinda Wind Traders' (supra). However, it remains undisputed, as duly taken note of by the learned CIT(A), that in the business of liquor wine, the Excise a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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